New York State Teachers Retirement System cut its holdings in Tennant (NYSE:TNC – Get Rating) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,257 shares of the industrial products company’s stock after selling 400 shares during the period. New York State Teachers Retirement System’s holdings in Tennant were worth $467,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Tennant by 1.3% during the 1st quarter. BlackRock Inc. now owns 2,842,661 shares of the industrial products company’s stock worth $224,001,000 after acquiring an additional 35,440 shares in the last quarter. UBS Group AG increased its position in shares of Tennant by 114.3% during the 1st quarter. UBS Group AG now owns 63,148 shares of the industrial products company’s stock valued at $4,976,000 after purchasing an additional 33,683 shares during the last quarter. State Street Corp grew its position in Tennant by 4.2% in the 1st quarter. State Street Corp now owns 636,438 shares of the industrial products company’s stock valued at $50,151,000 after acquiring an additional 25,841 shares during the last quarter. Gamco Investors INC. ET AL grew its position in Tennant by 3.8% in the 2nd quarter. Gamco Investors INC. ET AL now owns 433,325 shares of the industrial products company’s stock valued at $25,675,000 after acquiring an additional 15,775 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in Tennant by 10.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 155,838 shares of the industrial products company’s stock valued at $9,232,000 after acquiring an additional 15,153 shares during the last quarter. 88.51% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Tennant
In other Tennant news, Director Steven Alan Sonnenberg sold 2,320 shares of the stock in a transaction dated Friday, November 11th. The stock was sold at an average price of $46.59, for a total value of $108,088.80. Following the completion of the sale, the director now directly owns 21,547 shares in the company, valued at $1,003,874.73. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.50% of the stock is currently owned by company insiders.
Analyst Upgrades and Downgrades
Tennant Price Performance
TNC opened at $67.46 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.32 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 25.08 and a beta of 1.03. Tennant has a 12-month low of $54.90 and a 12-month high of $85.33. The business’s fifty day simple moving average is $63.34 and its 200-day simple moving average is $62.25.
Tennant (NYSE:TNC – Get Rating) last issued its quarterly earnings data on Thursday, October 27th. The industrial products company reported $0.99 earnings per share for the quarter. The firm had revenue of $262.90 million during the quarter. Tennant had a return on equity of 14.50% and a net margin of 4.68%. On average, equities research analysts anticipate that Tennant will post 3.9 earnings per share for the current fiscal year.
Tennant Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Wednesday, November 30th were paid a $0.265 dividend. The ex-dividend date of this dividend was Tuesday, November 29th. This is a boost from Tennant’s previous quarterly dividend of $0.25. This represents a $1.06 dividend on an annualized basis and a yield of 1.57%. Tennant’s dividend payout ratio (DPR) is 39.41%.
Tennant Company, together with its subsidiaries, designs, manufactures, and markets floor cleaning equipment in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers a suite of products, including floor maintenance and cleaning equipment, detergent-free and other sustainable cleaning technologies, aftermarket parts and consumables, equipment maintenance and repair services, specialty surface coatings, and asset management solutions.
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